| Directional Allocation Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2022 |
| | |
| | | Shares | | | Value | |
| MONEY MARKET FUND† - 1.8% | | | | | | | | |
Dreyfus Treasury Obligations
Cash Management Fund — Institutional Shares, 4.17%1 | | | 4,379,076 | | | $ | 4,379,076 | |
| Total Money Market Fund | | | | | | | | |
| (Cost $4,379,076) | | | | | | | 4,379,076 | |
| | | Face
Amount | | | | |
| U.S. TREASURY BILLS†† - 98.4% | | | | | | |
| U.S. Treasury Bills | | | | | | | | |
| 3.71% due 01/26/232 | | $ | 120,000,000 | | | | 119,702,494 | |
| 3.70% due 01/26/232 | | | 115,000,000 | | | | 114,714,892 | |
| Total U.S. Treasury Bills | | | | | | | | |
| (Cost $234,380,660) | | | | | | | 234,417,386 | |
| Total Investments - 100.2% | | | | | | | | |
| (Cost $238,759,736) | | | | | | $ | 238,796,462 | |
| Other Assets & Liabilities, net - (0.2)% | | | | | | | (405,410) | |
| Total Net Assets - 100.0% | | | | | | $ | 238,391,052 | |
| † | Value determined based on Level 1 inputs — See Note 3. |
| †† | Value determined based on Level 2 inputs — See Note 3. |
| 1 | Rate indicated is the 7-day yield as of December 31, 2022. |
| 2 | Rate indicated is the effective yield at the time of purchase. |
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund's investments at December 31, 2022 (See Note 3 in the Notes to Schedule of Investments):
| Investments in Securities (Assets) | | Level 1 Quoted Prices | | | Level 2
Significant
Observable
Inputs | | | Level 3 Significant Unobservable Inputs | | | Total | |
| Money Market Fund | | $ | 4,379,076 | | | $ | — | | | $ | — | | | $ | 4,379,076 | |
| U.S. Treasury Bills | | | — | | | | 234,417,386 | | | | — | | | | 234,417,386 | |
| Total Assets | | $ | 4,379,076 | | | $ | 234,417,386 | | | $ | — | | | $ | 238,796,462 | |
| RBP® Dividend Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2022 |
| | |
| | | Shares | | | Value | |
| COMMON STOCKS† - 97.0% |
| Financial - 22.7% |
| Visa, Inc. — Class A | | | 1,634 | | | $ | 339,480 | |
| Mastercard, Inc. — Class A | | | 917 | | | | 318,869 | |
| Morgan Stanley | | | 2,685 | | | | 228,279 | |
| Chubb Ltd. | | | 1,021 | | | | 225,232 | |
| Prologis, Inc. REIT | | | 1,983 | | | | 223,543 | |
| American Express Co. | | | 1,448 | | | | 213,942 | |
| Truist Financial Corp. | | | 4,869 | | | | 209,513 | |
| Intercontinental Exchange, Inc. | | | 1,992 | | | | 204,359 | |
| American International Group, Inc. | | | 3,203 | | | | 202,558 | |
| Apollo Global Management, Inc. | | | 3,032 | | | | 193,411 | |
| MetLife, Inc. | | | 2,546 | | | | 184,254 | |
| Rexford Industrial Realty, Inc. REIT | | | 3,340 | | | | 182,498 | |
| Mid-America Apartment Communities, Inc. REIT | | | 1,152 | | | | 180,852 | |
| Equitable Holdings, Inc. | | | 6,111 | | | | 175,386 | |
| Life Storage, Inc. REIT | | | 1,692 | | | | 166,662 | |
| First Republic Bank | | | 1,253 | | | | 152,728 | |
| Annaly Capital Management, Inc. REIT | | | 6,996 | | | | 147,476 | |
| American Tower Corp. — Class A REIT | | | 595 | | | | 126,057 | |
| Rithm Capital Corp. REIT | | | 11,326 | | | | 92,533 | |
| Blackstone Mortgage Trust, Inc. — Class A REIT | | | 4,056 | | | | 85,865 | |
| New York Community Bancorp, Inc. | | | 7,401 | | | | 63,649 | |
| American Homes 4 Rent — Class A REIT | | | 1,870 | | | | 56,362 | |
| AGNC Investment Corp. REIT | | | 4,128 | | | | 42,725 | |
| Comerica, Inc. | | | 409 | | | | 27,342 | |
| JPMorgan Chase & Co. | | | 126 | | | | 16,896 | |
| Sun Communities, Inc. REIT | | | 71 | | | | 10,153 | |
| Total Financial | | | | | | | 4,070,624 | |
| Technology - 20.1% | | | | | | | | |
| Microsoft Corp. | | | 4,447 | | | | 1,066,480 | |
| Apple, Inc. | | | 6,418 | | | | 833,891 | |
| Broadcom, Inc. | | | 533 | | | | 298,016 | |
| Accenture plc — Class A | | | 934 | | | | 249,229 | |
| QUALCOMM, Inc. | | | 2,047 | | | | 225,047 | |
| Applied Materials, Inc. | | | 2,079 | | | | 202,453 | |
| KLA Corp. | | | 508 | | | | 191,531 | |
| Electronic Arts, Inc. | | | 1,536 | | | | 187,668 | |
| Intuit, Inc. | | | 436 | | | | 169,700 | |
| Monolithic Power Systems, Inc. | | | 428 | | | | 151,345 | |
| NVIDIA Corp. | | | 203 | | | | 29,667 | |
| Total Technology | | | | | | | 3,605,027 | |
| Consumer, Non-cyclical - 17.8% | | | | | | | | |
| Procter & Gamble Co. | | | 2,324 | | | | 352,225 | |
| Eli Lilly & Co. | | | 871 | | | | 318,647 | |
| Merck & Company, Inc. | | | 2,849 | | | | 316,097 | |
| Pfizer, Inc. | | | 6,134 | | | | 314,306 | |
| Danaher Corp. | | | 945 | | | | 250,822 | |
| Bristol-Myers Squibb Co. | | | 3,308 | | | | 238,011 | |
| Gilead Sciences, Inc. | | | 2,639 | | | | 226,558 | |
| Amgen, Inc. | | | 797 | | | | 209,324 | |
| Bunge Ltd. | | | 1,947 | | | | 194,252 | |
| Sysco Corp. | | | 2,413 | | | | 184,474 | |
| Constellation Brands, Inc. — Class A | | | 630 | | | | 146,003 | |
| PepsiCo, Inc. | | | 711 | | | | 128,449 | |
| Humana, Inc. | | | 188 | | | | 96,292 | |
| McKesson Corp. | | | 229 | | | | 85,902 | |
| UnitedHealth Group, Inc. | | | 138 | | | | 73,165 | |
| Johnson & Johnson | | | 299 | | | | 52,818 | |
| Mondelez International, Inc. — Class A | | | 158 | | | | 10,531 | |
| Total Consumer, Non-cyclical | | | | | | | 3,197,876 | |
| Consumer, Cyclical - 12.6% | | | | | | | | |
| Home Depot, Inc. | | | 1,048 | | | | 331,021 | |
| Walmart, Inc. | | | 1,889 | | | | 267,841 | |
| NIKE, Inc. — Class B | | | 2,255 | | | | 263,857 | |
| Starbucks Corp. | | | 2,312 | | | | 229,350 | |
| TJX Companies, Inc. | | | 2,785 | | | | 221,686 | |
| Dollar General Corp. | | | 845 | | | | 208,081 | |
| Target Corp. | | | 1,218 | | | | 181,531 | |
| Lowe's Companies, Inc. | | | 756 | | | | 150,626 | |
| WW Grainger, Inc. | | | 238 | | | | 132,388 | |
| Costco Wholesale Corp. | | | 263 | | | | 120,060 | |
| Watsco, Inc. | | | 458 | | | | 114,225 | |
| Cummins, Inc. | | | 179 | | | | 43,370 | |
| Total Consumer, Cyclical | | | | | | | 2,264,036 | |
| Energy - 7.1% | | | | | | | | |
| Exxon Mobil Corp. | | | 3,719 | | | | 410,206 | |
| EOG Resources, Inc. | | | 1,748 | | | | 226,401 | |
| Phillips 66 | | | 2,042 | | | | 212,531 | |
| Pioneer Natural Resources Co. | | | 873 | | | | 199,385 | |
| Valero Energy Corp. | | | 1,422 | | | | 180,395 | |
| ConocoPhillips | | | 411 | | | | 48,498 | |
| Total Energy | | | | | | | 1,277,416 | |
| Utilities - 5.3% | | | | | | | | |
| NextEra Energy, Inc. | | | 2,981 | | | | 249,212 | |
| Evergy, Inc. | | | 2,951 | | | | 185,706 | |
| Vistra Corp. | | | 7,053 | | | | 163,630 | |
| DTE Energy Co. | | | 1,223 | | | | 143,739 | |
| UGI Corp. | | | 3,708 | | | | 137,455 | |
| FirstEnergy Corp. | | | 1,310 | | | | 54,941 | |
| AES Corp. | | | 852 | | | | 24,504 | |
| Total Utilities | | | | | | | 959,187 | |
| Communications - 5.2% | | | | | | | | |
| AT&T, Inc. | | | 12,835 | | | | 236,292 | |
| Comcast Corp. — Class A | | | 6,601 | | | | 230,837 | |
| eBay, Inc. | | | 4,294 | | | | 178,072 | |
| Fox Corp. — Class A | | | 4,989 | | | | 151,516 | |
| Interpublic Group of Companies, Inc. | | | 4,010 | | | | 133,573 | |
| Fox Corp. — Class B | | | 228 | | | | 6,487 | |
| Total Communications | | | | | | | 936,777 | |
| Industrial - 4.8% | | | | | | | | |
| Caterpillar, Inc. | | | 1,038 | | | | 248,663 | |
| Deere & Co. | | | 544 | | | | 233,245 | |
| Eaton Corporation plc | | | 1,285 | | | | 201,681 | |
| Republic Services, Inc. — Class A | | | 478 | | | | 61,657 | |
| Agilent Technologies, Inc. | | | 399 | | | | 59,710 | |
| Emerson Electric Co. | | | 542 | | | | 52,065 | |
| Illinois Tool Works, Inc. | | | 36 | | | | 7,931 | |
| Total Industrial | | | | | | | 864,952 | |
| RBP® Dividend Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2022 |
| | |
| | | Shares | | | Value | |
| COMMON STOCKS† - 97.0% (continued) | | | | | | |
| Basic Materials - 1.4% | | | | | | |
| Freeport-McMoRan, Inc. | | | 4,550 | | | $ | 172,900 | |
| Air Products and Chemicals, Inc. | | | 240 | | | | 73,982 | |
| Total Basic Materials | | | | | | | 246,882 | |
| Total Common Stocks | | | | | | | | |
| (Cost $18,007,174) | | | | | | | 17,422,777 | |
| | | | | | | | | |
| EXCHANGE-TRADED FUNDS† - 2.0% | | | | | | | | |
| Vanguard Dividend Appreciation ETF | | | 1,099 | | | | 166,883 | |
| iShares Select Dividend ETF* | | | 1,382 | | | | 166,669 | |
| Vanguard High Dividend Yield ETF | | | 250 | | | | 27,053 | |
| Total Exchange-Traded Funds | | | | | | | | |
| (Cost $357,364) | | | | | | | 360,605 | |
| Total Investments - 99.0% | | | | | | | | |
| (Cost $18,364,538) | | | | | | $ | 17,783,382 | |
| Other Assets & Liabilities, net - 1.0% | | | | | | | 181,543 | |
| Total Net Assets - 100.0% | | | | | | $ | 17,964,925 | |
| * | Non-income producing security. |
| † | Value determined based on Level 1 inputs — See Note 3. |
plc — Public Limited Company
REIT — Real Estate Investment Trust
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund's investments at December 31, 2022 (See Note 3 in the Notes to Schedule of Investments):
| Investments in Securities (Assets) | | Level 1 Quoted Prices | | | Level 2 Significant Observable Inputs | | | Level 3 Significant Unobservable Inputs | | | Total | |
| Common Stocks | | $ | 17,422,777 | | | $ | — | | | $ | — | | | $ | 17,422,777 | |
| Exchange-Traded Funds | | | 360,605 | | | | — | | | | — | | | | 360,605 | |
| Total Assets | | $ | 17,783,382 | | | $ | — | | | $ | — | | | $ | 17,783,382 | |
| RBP® Large-Cap Defensive Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2022 |
| | |
| | | Shares | | | Value | |
| COMMON STOCKS† - 94.9% |
| Consumer, Non-cyclical - 27.7% |
| Procter & Gamble Co. | | | 1,222 | | | $ | 185,206 | |
| Eli Lilly & Co. | | | 469 | | | | 171,579 | |
| Merck & Company, Inc. | | | 1,540 | | | | 170,863 | |
| Abbott Laboratories | | | 1,372 | | | | 150,632 | |
| Pfizer, Inc. | | | 2,679 | | | | 137,272 | |
| Bristol-Myers Squibb Co. | | | 1,840 | | | | 132,388 | |
| Mondelez International, Inc. — Class A | | | 1,927 | | | | 128,434 | |
| AbbVie, Inc. | | | 780 | | | | 126,056 | |
| McKesson Corp. | | | 326 | | | | 122,289 | |
| Regeneron Pharmaceuticals, Inc.* | | | 169 | | | | 121,932 | |
| Vertex Pharmaceuticals, Inc.* | | | 406 | | | | 117,244 | |
| AmerisourceBergen Corp. — Class A | | | 700 | | | | 115,997 | |
| Hershey Co. | | | 496 | | | | 114,859 | |
| Constellation Brands, Inc. — Class A | | | 479 | | | | 111,008 | |
| US Foods Holding Corp.* | | | 3,193 | | | | 108,626 | |
| Waters Corp.* | | | 165 | | | | 56,526 | |
| Monster Beverage Corp.* | | | 51 | | | | 5,178 | |
| PepsiCo, Inc. | | | 28 | | | | 5,059 | |
| Total Consumer, Non-cyclical | | | | | | | 2,081,148 | |
| Technology - 17.2% | | | | | | | | |
| Apple, Inc. | | | 3,844 | | | | 499,451 | |
| Microsoft Corp. | | | 2,011 | | | | 482,278 | |
| Electronic Arts, Inc. | | | 868 | | | | 106,052 | |
| QUALCOMM, Inc. | | | 941 | | | | 103,453 | |
| Accenture plc — Class A | | | 221 | | | | 58,972 | |
| Adobe, Inc.* | | | 116 | | | | 39,038 | |
| Total Technology | | | | | | | 1,289,244 | |
| Financial - 16.3% | | | | | | | | |
| Visa, Inc. — Class A | | | 859 | | | | 178,466 | |
| Mastercard, Inc. — Class A | | | 492 | | | | 171,083 | |
| Chubb Ltd. | | | 593 | | | | 130,816 | |
| Progressive Corp. | | | 974 | | | | 126,337 | |
| Travelers Companies, Inc. | | | 642 | | | | 120,369 | |
| Prologis, Inc. REIT | | | 1,036 | | | | 116,788 | |
| Equitable Holdings, Inc. | | | 3,783 | | | | 108,572 | |
| Everest Re Group Ltd. | | | 317 | | | | 105,013 | |
| Public Storage REIT | | | 352 | | | | 98,627 | |
| Bank of America Corp. | | | 1,486 | | | | 49,216 | |
| AGNC Investment Corp. REIT | | | 1,153 | | | | 11,934 | |
| Berkshire Hathaway, Inc. — Class B* | | | 17 | | | | 5,251 | |
| Total Financial | | | | | | | 1,222,472 | |
| Communications - 13.6% | | | | | | | | |
| Alphabet, Inc. — Class C* | | | 3,520 | | | | 312,330 | |
| AT&T, Inc. | | | 7,254 | | | | 133,546 | |
| Walt Disney Co.* | | | 1,371 | | | | 119,112 | |
| Arista Networks, Inc.* | | | 913 | | | | 110,793 | |
| eBay, Inc. | | | 2,639 | | | | 109,439 | |
| FactSet Research Systems, Inc. | | | 253 | | | | 101,506 | |
| Liberty Media Corporation-Liberty Formula One — Class C* | | | 1,382 | | | | 82,616 | |
| Amazon.com, Inc.* | | | 604 | | | | 50,736 | |
| Total Communications | | | | | | | 1,020,078 | |
| Consumer, Cyclical - 8.1% | | | | | | | | |
| Home Depot, Inc. | | | 556 | | | | 175,618 | |
| Walmart, Inc. | | | 1,052 | | | | 149,163 | |
| Tesla, Inc.* | | | 1,008 | | | | 124,165 | |
| Lululemon Athletica, Inc.* | | | 351 | | | | 112,454 | |
| Costco Wholesale Corp. | | | 96 | | | | 43,824 | |
| Total Consumer, Cyclical | | | | | | | 605,224 | |
| Utilities - 7.8% | | | | | | | | |
| NextEra Energy, Inc. | | | 1,680 | | | | 140,448 | |
| Duke Energy Corp. | | | 1,161 | | | | 119,571 | |
| American Electric Power Company, Inc. | | | 1,245 | | | | 118,213 | |
| Evergy, Inc. | | | 1,842 | | | | 115,917 | |
| Vistra Corp. | | | 3,878 | | | | 89,970 | |
| Total Utilities | | | | | | | 584,119 | |
| Industrial - 4.2% | | | | | | | | |
| Northrop Grumman Corp. | | | 238 | | | | 129,855 | |
| Illinois Tool Works, Inc. | | | 552 | | | | 121,606 | |
| Snap-on, Inc. | | | 272 | | | | 62,149 | |
| Total Industrial | | | | | | | 313,610 | |
| Total Common Stocks | | | | | | | | |
| (Cost $7,349,473) | | | | | | | 7,115,895 | |
| | | | | | | | | |
| EXCHANGE-TRADED FUNDS† - 4.4% | | | | | | | | |
| SPDR S&P 500 ETF Trust | | | 430 | | | | 164,445 | |
| Vanguard S&P 500 ETF | | | 467 | | | | 164,076 | |
| Total Exchange-Traded Funds | | | | | | | | |
| (Cost $330,962) | | | | | | | 328,521 | |
| Total Investments - 99.3% | | | | | | | | |
| (Cost $7,680,435) | | | | | | $ | 7,444,416 | |
| Other Assets & Liabilities, net - 0.7% | | | | | | | 49,155 | |
| Total Net Assets - 100.0% | | | | | | $ | 7,493,571 | |
| * | Non-income producing security. |
| † | Value determined based on Level 1 inputs — See Note 3. |
plc — Public Limited Company
REIT — Real Estate Investment Trust
See Sector Classification in Other Information section.
| RBP® Large-Cap Defensive Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2022 |
| | |
The following table summarizes the inputs used to value the Fund's investments at December 31, 2022 (See Note 3 in the Notes to Schedule of Investments):
| Investments in Securities (Assets) | | Level 1 Quoted Prices | | | Level 2 Significant Observable Inputs | | | Level 3 Significant Unobservable Inputs | | | Total | |
| Common Stocks | | $ | 7,115,895 | | | $ | — | | | $ | — | | | $ | 7,115,895 | |
| Exchange-Traded Funds | | | 328,521 | | | | — | | | | — | | | | 328,521 | |
| Total Assets | | $ | 7,444,416 | | | $ | — | | | $ | — | | | $ | 7,444,416 | |
| RBP® Large-Cap Market Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2022 |
| | |
| | | Shares | | | Value | |
| COMMON STOCKS† - 95.6% |
| Consumer, Non-cyclical - 22.2% |
| Procter & Gamble Co. | | | 1,435 | | | $ | 217,489 | |
| Eli Lilly & Co. | | | 543 | | | | 198,651 | |
| Danaher Corp. | | | 591 | | | | 156,863 | |
| Bristol-Myers Squibb Co. | | | 2,064 | | | | 148,505 | |
| Gilead Sciences, Inc. | | | 1,606 | | | | 137,875 | |
| McKesson Corp. | | | 338 | | | | 126,790 | |
| Pfizer, Inc. | | | 2,404 | | | | 123,181 | |
| AmerisourceBergen Corp. — Class A | | | 701 | | | | 116,163 | |
| Jazz Pharmaceuticals plc* | | | 728 | | | | 115,978 | |
| Constellation Brands, Inc. — Class A | | | 495 | | | | 114,716 | |
| Corteva, Inc. | | | 1,928 | | | | 113,328 | |
| Sysco Corp. | | | 1,343 | | | | 102,672 | |
| AbbVie, Inc. | | | 634 | | | | 102,461 | |
| IQVIA Holdings, Inc.* | | | 465 | | | | 95,274 | |
| Equifax, Inc. | | | 418 | | | | 81,243 | |
| PayPal Holdings, Inc.* | | | 1,006 | | | | 71,647 | |
| Mondelez International, Inc. — Class A | | | 1,054 | | | | 70,249 | |
| PepsiCo, Inc. | | | 369 | | | | 66,664 | |
| Amgen, Inc. | | | 199 | | | | 52,265 | |
| UnitedHealth Group, Inc. | | | 87 | | | | 46,126 | |
| Merck & Company, Inc. | | | 409 | | | | 45,378 | |
| Dexcom, Inc.* | | | 384 | | | | 43,484 | |
| US Foods Holding Corp.* | | | 1,027 | | | | 34,939 | |
| Johnson & Johnson | | | 192 | | | | 33,917 | |
| FleetCor Technologies, Inc.* | | | 117 | | | | 21,491 | |
| Centene Corp.* | | | 63 | | | | 5,166 | |
| Total Consumer, Non-cyclical | | | | | | | 2,442,515 | |
| Technology - 20.7% | | | | | | | | |
| Microsoft Corp. | | | 2,707 | | | | 649,193 | |
| Apple, Inc. | | | 4,030 | | | | 523,618 | |
| Broadcom, Inc. | | | 321 | | | | 179,481 | |
| Adobe, Inc.* | | | 423 | | | | 142,352 | |
| QUALCOMM, Inc. | | | 1,246 | | | | 136,985 | |
| Applied Materials, Inc. | | | 1,266 | | | | 123,283 | |
| Salesforce, Inc.* | | | 894 | | | | 118,535 | |
| Electronic Arts, Inc. | | | 903 | | | | 110,329 | |
| ServiceNow, Inc.* | | | 279 | | | | 108,327 | |
| NXP Semiconductor N.V. | | | 677 | | | | 106,986 | |
| Accenture plc — Class A | | | 215 | | | | 57,370 | |
| NVIDIA Corp. | | | 124 | | | | 18,122 | |
| Total Technology | | | | | | | 2,274,581 | |
| Financial - 15.9% | | | | | | | | |
| Visa, Inc. — Class A | | | 1,014 | | | | 210,669 | |
| Mastercard, Inc. — Class A | | | 421 | | | | 146,394 | |
| Chubb Ltd. | | | 622 | | | | 137,213 | |
| Prologis, Inc. REIT | | | 1,207 | | | | 136,065 | |
| Truist Financial Corp. | | | 2,964 | | | | 127,541 | |
| American International Group, Inc. | | | 1,950 | | | | 123,318 | |
| Travelers Companies, Inc. | | | 652 | | | | 122,243 | |
| American Tower Corp. — Class A REIT | | | 562 | | | | 119,065 | |
| Globe Life, Inc. | | | 952 | | | | 114,763 | |
| Equitable Holdings, Inc. | | | 3,711 | | | | 106,506 | |
| W R Berkley Corp. | | | 1,324 | | | | 96,083 | |
| First Republic Bank | | | 755 | | | | 92,027 | |
| Apollo Global Management, Inc. | | | 1,326 | | | | 84,586 | |
| Berkshire Hathaway, Inc. — Class B* | | | 202 | | | | 62,398 | |
| Citigroup, Inc. | | | 528 | | | | 23,881 | |
| MetLife, Inc. | | | 289 | | | | 20,915 | |
| Mid-America Apartment Communities, Inc. REIT | | | 103 | | | | 16,170 | |
| JPMorgan Chase & Co. | | | 77 | | | | 10,326 | |
| Total Financial | | | | | | | 1,750,163 | |
| Consumer, Cyclical - 10.9% | | | | | | | | |
| Home Depot, Inc. | | | 648 | | | | 204,677 | |
| Tesla, Inc.* | | | 1,429 | | | | 176,024 | |
| Walmart, Inc. | | | 1,171 | | | | 166,036 | |
| NIKE, Inc. — Class B | | | 1,368 | | | | 160,070 | |
| Starbucks Corp. | | | 1,408 | | | | 139,674 | |
| TJX Companies, Inc. | | | 1,734 | | | | 138,026 | |
| Target Corp. | | | 774 | | | | 115,357 | |
| Southwest Airlines Co. | | | 3,016 | | | | 101,549 | |
| Total Consumer, Cyclical | | | | | | | 1,201,413 | |
| Communications - 8.2% | | | | | | | | |
| Alphabet, Inc. — Class C* | | | 4,378 | | | | 388,460 | |
| Walt Disney Co.* | | | 1,542 | | | | 133,969 | |
| T-Mobile US, Inc.* | | | 943 | | | | 132,020 | |
| Amazon.com, Inc.* | | | 1,491 | | | | 125,244 | |
| Comcast Corp. — Class A | | | 2,313 | | | | 80,886 | |
| FactSet Research Systems, Inc. | | | 62 | | | | 24,875 | |
| eBay, Inc. | | | 456 | | | | 18,910 | |
| Total Communications | | | | | | | 904,364 | |
| Industrial - 7.0% | | | | | | | | |
| Caterpillar, Inc. | | | 639 | | | | 153,079 | |
| Northrop Grumman Corp. | | | 248 | | | | 135,311 | |
| Eaton Corporation plc | | | 802 | | | | 125,874 | |
| Keysight Technologies, Inc.* | | | 651 | | | | 111,366 | |
| Axon Enterprise, Inc.* | | | 660 | | | | 109,514 | |
| Illinois Tool Works, Inc. | | | 335 | | | | 73,800 | |
| Fortune Brands Innovations, Inc. | | | 643 | | | | 36,722 | |
| Deere & Co. | | | 59 | | | | 25,297 | |
| Total Industrial | | | | | | | 770,963 | |
| Energy - 5.9% | | | | | | | | |
| Exxon Mobil Corp. | | | 2,294 | | | | 253,028 | |
| Cheniere Energy, Inc. | | | 766 | | | | 114,870 | |
| Pioneer Natural Resources Co. | | | 480 | | | | 109,627 | |
| EOG Resources, Inc. | | | 688 | | | | 89,110 | |
| ConocoPhillips | | | 631 | | | | 74,458 | |
| Total Energy | | | | | | | 641,093 | |
| Utilities - 3.8% | | | | | | | | |
| NextEra Energy, Inc. | | | 1,851 | | | | 154,744 | |
| Vistra Corp. | | | 4,104 | | | | 95,213 | |
| Evergy, Inc. | | | 1,463 | | | | 92,066 | |
| Constellation Energy Corp. | | | 895 | | | | 77,158 | |
| Total Utilities | | | | | | | 419,181 | |
| Basic Materials - 1.0% | | | | | | | | |
| FMC Corp. | | | 881 | | | | 109,949 | |
| Total Common Stocks | | | | | | | | |
| (Cost $10,590,633) | | | | | | | 10,514,222 | |
| | | | | | | | | |
| EXCHANGE-TRADED FUNDS† - 3.5% | | | | | | | | |
| SPDR S&P 500 ETF Trust | | | 511 | | | | 195,422 | |
| RBP® Large-Cap Market Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2022 |
| | |
| | | Shares | | | Value | |
| EXCHANGE-TRADED FUNDS† - 3.5% (continued) | | | | | | |
| Vanguard S&P 500 ETF | | | 555 | | | $ | 194,993 | |
| Total Exchange-Traded Funds | | | | | | | | |
| (Cost $392,475) | | | | | | | 390,415 | |
| Total Investments – 99.1% | | | | | | | | |
| (Cost $10,983,108) | | | | | | $ | 10,904,637 | |
| Other Assets & Liabilities, net - 0.9% | | | | | | | 98,101 | |
| Total Net Assets - 100.0% | | | | | | $ | 11,002,738 | |
| * | Non-income producing security. |
| † | Value determined based on Level 1 inputs — See Note 3. |
plc — Public Limited Company
REIT — Real Estate Investment Trust
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund's investments at December 31, 2022 (See Note 3 in the Notes to Schedule of Investments):
| Investments in Securities (Assets) | | Level 1 Quoted Prices | | | Level 2 Significant Observable Inputs | | | Level 3 Significant Unobservable Inputs | | | Total | |
| Common Stocks | | $ | 10,514,222 | | | $ | — | | | $ | — | | | $ | 10,514,222 | |
| Exchange-Traded Funds | | | 390,415 | | | | — | | | | — | | | | 390,415 | |
| Total Assets | | $ | 10,904,637 | | | $ | — | | | $ | — | | | $ | 10,904,637 | |
| RBP® Large-Cap Value Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2022 |
| | |
| | | Shares | | | Value | |
| COMMON STOCKS† - 96.6% |
| Consumer, Non-cyclical - 21.7% |
| Procter & Gamble Co. | | | 760 | | | $ | 115,186 | |
| Merck & Company, Inc. | | | 914 | | | | 101,408 | |
| Abbott Laboratories | | | 737 | | | | 80,915 | |
| Philip Morris International, Inc. | | | 726 | | | | 73,479 | |
| Bristol-Myers Squibb Co. | | | 992 | | | | 71,374 | |
| Amgen, Inc. | | | 266 | | | | 69,862 | |
| Gilead Sciences, Inc. | | | 749 | | | | 64,302 | |
| Mondelez International, Inc. — Class A | | | 923 | | | | 61,518 | |
| Johnson & Johnson | | | 308 | | | | 54,408 | |
| AbbVie, Inc. | | | 314 | | | | 50,746 | |
| Constellation Brands, Inc. — Class A | | | 213 | | | | 49,363 | |
| Sysco Corp. | | | 608 | | | | 46,482 | |
| PepsiCo, Inc. | | | 213 | | | | 38,480 | |
| AmerisourceBergen Corp. — Class A | | | 161 | | | | 26,679 | |
| Pfizer, Inc. | | | 348 | | | | 17,832 | |
| Coca-Cola Co. | | | 164 | | | | 10,432 | |
| Keurig Dr Pepper, Inc. | | | 138 | | | | 4,921 | |
| Total Consumer, Non-cyclical | | | | | | | 937,387 | |
| Financial - 21.5% | | | | | | | | |
| Berkshire Hathaway, Inc. — Class B* | | | 248 | | | | 76,607 | |
| Prologis, Inc. REIT | | | 561 | | | | 63,241 | |
| Chubb Ltd. | | | 283 | | | | 62,430 | |
| Progressive Corp. | | | 454 | | | | 58,888 | |
| Truist Financial Corp. | | | 1,290 | | | | 55,509 | |
| American International Group, Inc. | | | 836 | | | | 52,869 | |
| MetLife, Inc. | | | 699 | | | | 50,587 | |
| Travelers Companies, Inc. | | | 268 | | | | 50,247 | |
| Ameriprise Financial, Inc. | | | 154 | | | | 47,951 | |
| Globe Life, Inc. | | | 382 | | | | 46,050 | |
| Crown Castle, Inc. REIT | | | 336 | | | | 45,575 | |
| Mid-America Apartment Communities, Inc. REIT | | | 286 | | | | 44,899 | |
| Everest Re Group Ltd. | | | 129 | | | | 42,734 | |
| Equitable Holdings, Inc. | | | 1,431 | | | | 41,070 | |
| JPMorgan Chase & Co. | | | 296 | | | | 39,693 | |
| First Republic Bank | | | 310 | | | | 37,786 | |
| American Express Co. | | | 226 | | | | 33,392 | |
| Hartford Financial Services Group, Inc. | | | 345 | | | | 26,161 | |
| Apollo Global Management, Inc. | | | 244 | | | | 15,565 | |
| Equity LifeStyle Properties, Inc. REIT | | | 240 | | | | 15,504 | |
| Bank of America Corp. | | | 422 | | | | 13,977 | |
| Intercontinental Exchange, Inc. | | | 60 | | | | 6,155 | |
| Public Storage REIT | | | 10 | | | | 2,802 | |
| American Financial Group, Inc. | | | 12 | | | | 1,647 | |
| Total Financial | | | | | | | 931,339 | |
| Industrial - 12.5% | | | | | | | | |
| Caterpillar, Inc. | | | 297 | | | | 71,149 | |
| Eaton Corporation plc | | | 352 | | | | 55,246 | |
| Northrop Grumman Corp. | | | 99 | | | | 54,015 | |
| TE Connectivity Ltd. | | | 415 | | | | 47,642 | |
| Parker-Hannifin Corp. | | | 161 | | | | 46,851 | |
| Keysight Technologies, Inc.* | | | 272 | | | | 46,531 | |
| CSX Corp. | | | 1,225 | | | | 37,951 | |
| Masco Corp. | | | 794 | | | | 37,056 | |
| Allegion plc | | | 323 | | | | 33,999 | |
| Fortune Brands Innovations, Inc. | | | 568 | | | | 32,439 | |
| Snap-on, Inc. | | | 129 | | | | 29,475 | |
| Amphenol Corp. — Class A | | | 354 | | | | 26,953 | |
| Republic Services, Inc. — Class A | | | 158 | | | | 20,381 | |
| Agilent Technologies, Inc. | | | 15 | | | | 2,245 | |
| Total Industrial | | | | | | | 541,933 | |
| Consumer, Cyclical - 12.4% | | | | | | | | |
| Home Depot, Inc. | | | 351 | | | | 110,867 | |
| Walmart, Inc. | | | 599 | | | | 84,932 | |
| Cummins, Inc. | | | 207 | | | | 50,154 | |
| NIKE, Inc. — Class B | | | 414 | | | | 48,442 | |
| Dollar Tree, Inc.* | | | 308 | | | | 43,563 | |
| TJX Companies, Inc. | | | 525 | | | | 41,790 | |
| Southwest Airlines Co. | | | 1,240 | | | | 41,751 | |
| Target Corp. | | | 264 | | | | 39,347 | |
| General Motors Co. | | | 961 | | | | 32,328 | |
| Advance Auto Parts, Inc. | | | 198 | | | | 29,112 | |
| Starbucks Corp. | | | 124 | | | | 12,301 | |
| Delta Air Lines, Inc.* | | | 60 | | | | 1,972 | |
| Total Consumer, Cyclical | | | | | | | 536,559 | |
| Energy - 7.3% | | | | | | | | |
| Chevron Corp. | | | 630 | | | | 113,079 | |
| Exxon Mobil Corp. | | | 872 | | | | 96,181 | |
| Pioneer Natural Resources Co. | | | 248 | | | | 56,641 | |
| Marathon Petroleum Corp. | | | 242 | | | | 28,166 | |
| Valero Energy Corp. | | | 172 | | | | 21,820 | |
| Total Energy | | | | | | | 315,887 | |
| Technology - 6.3% | | | | | | | | |
| QUALCOMM, Inc. | | | 595 | | | | 65,414 | |
| Analog Devices, Inc. | | | 361 | | | | 59,215 | |
| Applied Materials, Inc. | | | 593 | | | | 57,746 | |
| Microchip Technology, Inc. | | | 675 | | | | 47,419 | |
| Electronic Arts, Inc. | | | 192 | | | | 23,458 | |
| NXP Semiconductor N.V. | | | 89 | | | | 14,065 | |
| Marvell Technology, Inc. | | | 174 | | | | 6,445 | |
| Total Technology | | | | | | | 273,762 | |
| Utilities - 6.1% | | | | | | | | |
| NextEra Energy, Inc. | | | 662 | | | | 55,343 | |
| FirstEnergy Corp. | | | 1,136 | | | | 47,644 | |
| Evergy, Inc. | | | 727 | | | | 45,750 | |
| CenterPoint Energy, Inc. | | | 1,524 | | | | 45,705 | |
| Vistra Corp. | | | 1,667 | | | | 38,675 | |
| Duke Energy Corp. | | | 166 | | | | 17,096 | |
| UGI Corp. | | | 229 | | | | 8,489 | |
| AES Corp. | | | 191 | | | | 5,493 | |
| Total Utilities | | | | | | | 264,195 | |
| Communications - 5.2% | | | | | | | | |
| Walt Disney Co.* | | | 844 | | | | 73,327 | |
| AT&T, Inc. | | | 3,744 | | | | 68,927 | |
| Comcast Corp. — Class A | | | 1,364 | | | | 47,699 | |
| eBay, Inc. | | | 729 | | | | 30,232 | |
| Omnicom Group, Inc. | | | 50 | | | | 4,078 | |
| Total Communications | | | | | | | 224,263 | |
| Basic Materials - 3.6% | | | | | | | | |
| Freeport-McMoRan, Inc. | | | 1,340 | | | | 50,920 | |
| FMC Corp. | | | 376 | | | | 46,925 | |
| RBP® Large-Cap Value Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2022 |
| | |
| | | Shares | | | Value | |
| COMMON STOCKS† - 96.6% (continued) |
| Basic Materials - 3.6% (continued) |
| DuPont de Nemours, Inc. | | | 650 | | | $ | 44,610 | |
| Air Products and Chemicals, Inc. | | | 36 | | | | 11,097 | |
| Total Basic Materials | | | | | | | 153,552 | |
| Total Common Stocks | | | | | | | | |
| (Cost $3,978,391) | | | | | | | 4,178,877 | |
| | | | | | | | | |
| EXCHANGE-TRADED FUNDS† - 2.4% | | | | | | | | |
| iShares S&P 500 Value ETF | | | 734 | | | | 106,481 | |
| Total Exchange-Traded Funds | | | | | | | | |
| (Cost $105,681) | | | | | | | 106,481 | |
| Total Investments - 99.0% | | | | | | | | |
| (Cost $4,084,072) | | | | | | $ | 4,285,358 | |
| Other Assets & Liabilities, net - 1.0% | | | | | | | 42,136 | |
| Total Net Assets - 100.0% | | | | | | $ | 4,327,494 | |
| * | Non-income producing security. |
| † | Value determined based on Level 1 inputs — See Note 3. |
plc — Public Limited Company
REIT — Real Estate Investment Trust
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund's investments at December 31, 2022 (See Note 3 in the Notes to Schedule of Investments):
| Investments in Securities (Assets) | | Level 1 Quoted Prices | | | Level 2 Significant Observable Inputs | | | Level 3 Significant Unobservable Inputs | | | Total | |
| Common Stocks | | $ | 4,178,877 | | | $ | — | | | $ | — | | | $ | 4,178,877 | |
| Exchange-Traded Funds | | | 106,481 | | | | — | | | | — | | | | 106,481 | |
| Total Assets | | $ | 4,285,358 | | | $ | — | | | $ | — | | | $ | 4,285,358 | |
| NOTES TO FINANCIAL STATEMENTS (Unaudited) | |
| | |
Note 1 – Organization and Significant Accounting Policies
Organization
Transparent Value Trust (the "Trust"), a Delaware statutory trust, is registered with the SEC under the Investment Company Act of 1940 ("1940 Act”), as an open-ended investment company of the series type. Each series, in effect, is representing a separate fund (each, a "Fund"). The Trust may issue an unlimited number of authorized shares. The Trust accounts for the assets of each Fund separately.
This report covers the following funds (collectively, the “Funds”):
| Fund Name | Investment Company Type |
| Directional Allocation Fund | Diversified |
| RBP® Dividend Fund | Diversified |
| RBP® Large-Cap Defensive Fund | Diversified |
| RBP® Large-Cap Market Fund | Diversified |
| RBP® Large-Cap Value Fund | Diversified |
For information on the Funds' policy regarding valuation of investments and other significant accounting policies, please refer to the Funds' most recent semi-annual or annual shareholder report.
Significant Accounting Policies
The Funds operate as investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 Financial Services – Investment Companies.
The following significant accounting policies are in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and are consistently followed by the Trust. This requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. All time references are based on Eastern Time.
(a) Valuation of Investments
The Board of Trustees of the Funds (the “Board”) adopted policies and procedures for the valuation of the Funds’ investments (the “Valuation Procedures”). The U.S. Securities and Exchange Commission (the “SEC”) adopted Rule 2a-5 under the 1940 Act (“Rule 2a-5”) which establishes requirements for determining fair value in good faith and became effective September 8, 2022. Rule 2a-5 also defines “readily available market quotations” for purposes of the 1940 Act and establishes requirements for determining whether a fund must fair value a security in good faith.
Pursuant to Rule 2a-5, the Board has designated Guggenheim Partners Investment Management, LLC (“GPIM” or the “Adviser”) as the valuation designee to perform fair valuation determinations for the Funds with respect to all Fund investments and/or other assets. As the Funds’ valuation designee pursuant to Rule 2a-5, the Adviser has adopted separate procedures (the “Valuation Designee Procedures”) reasonably designed to prevent violations of the requirements of Rule 2a-5 and Rule 31a-4. The Adviser, in its role as valuation designee, utilizes the assistance of a valuation committee, consisting of representatives from Guggenheim’s investment management, fund administration, legal and compliance departments (the “Valuation Committee”), in determining the fair value of the Funds’ securities and/or other assets.
Valuations of the Funds’ securities and other assets are supplied primarily by pricing services appointed pursuant to the processes set forth in the Valuation Procedures. The Adviser, with the assistance of the Valuation Committee convenes monthly, or more frequently as needed, to review the valuation of all assets which have been fair valued for reasonableness. The Adviser, consistent with the monitoring and review responsibilities set forth in the Valuation Designee Procedures, regularly reviews the appropriateness of the inputs, methods, models and assumptions employed by the pricing services.
If the pricing service cannot or does not provide a valuation for a particular investment or such valuation is deemed unreliable, such investment is fair valued by the Adviser.
Equity securities listed or traded on a recognized U.S. securities exchange or the National Association of Securities Dealers Automated Quotations (“NASDAQ”) National Market System shall generally be valued on the basis of the last sale price on the primary U.S. exchange or market on which the security is listed or traded; provided, however, that securities listed on NASDAQ will be valued at the NASDAQ official closing price, which may not necessarily represent the last sale price.
| NOTES TO FINANCIAL STATEMENTS (Unaudited) | |
| | |
Open-end investment companies are valued at their net asset value (“NAV”) as of the close of business, on the valuation date. Exchange-traded funds and closed-end investment companies are generally valued at the last quoted sale price.
Investments for which market quotations are not readily available are fair-valued as determined in good faith by the Adviser. Valuations in accordance with these methods are intended to reflect each security’s (or asset’s or liability’s) “fair value". Each such determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. Examples of such factors may include, but are not limited to market prices; sale prices; broker quotes; and models which derive prices based on inputs such as prices of securities with comparable maturities and characteristics, or based on inputs such as anticipated cash flows or collateral, spread over U.S. Treasury securities, and other information analysis.
Note 2 – Federal Income Tax Information
The Funds intend to comply with the provisions of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and will distribute substantially all taxable net investment income and capital gains sufficient to relieve the Funds from all, or substantially all, federal income, excise and state income taxes. Therefore, no provision for federal or state income tax or federal excise tax is required.
Tax positions taken or expected to be taken in the course of preparing the Funds' tax returns are evaluated to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Funds' tax positions taken, or to be taken, on U.S. federal income tax returns for all open tax years, and has concluded that no provision for income tax is required in the Funds' financial statements. The Funds' U.S. federal income tax returns are subject to examination by the Internal Revenue Service ("IRS") for a period of three years after they are filed.
At December 31, 2022, the cost of investments for U.S. federal income tax purposes, the aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost, and the aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value, were as follows:
| NOTES TO FINANCIAL STATEMENTS (Unaudited) | |
| | |
| Fund | | Tax Cost | | | Tax Unrealized Appreciation | | | Tax Unrealized Depreciation | | | Net Tax Unrealized Appreciation (Depreciation) | |
| Directional Allocation Fund | | $ | 238,759,736 | | | $ | 36,726 | | | $ | - | | | $ | 36,726 | |
| RBP® Dividend Fund | | | 18,436,882 | | | | 949,839 | | | | (1,603,339 | ) | | | (653,500 | ) |
| RBP® Large-Cap Defensive Fund | | | 7,722,114 | | | | 449,246 | | | | (726,944 | ) | | | (277,698 | ) |
| RBP® Large-Cap Market Fund | | | 10,995,511 | | | | 841,612 | | | | (932,486 | ) | | | (90,874 | ) |
| RBP® Large-Cap Value Fund | | | 4,089,450 | | | | 370,737 | | | | (174,829 | ) | | | 195,908 | |
Note 3 – Fair Value Measurement
In accordance with U.S. GAAP, fair value is defined as the price that the Funds would receive to sell an investment or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a three-tier fair value hierarchy based on the types of inputs used to value assets and liabilities and requires corresponding disclosure. U.S. GAAP establishes a three-tier fair value hierarchy based on the types of inputs used to value assets and liabilities and requires corresponding disclosure. The hierarchy and the corresponding inputs are summarized below:
Level 1 — unadjusted quoted prices in active markets for identical assets or liabilities.
Level 2 — significant other observable inputs (for example quoted prices for securities that are similar based on characteristics such as interest rates, prepayment speeds, credit risk, etc.).
Level 3 — significant unobservable inputs based on the best information available under the circumstances, to the extent observable inputs are not available, which may include assumptions.
Rule 2a-5 sets forth a definition of “readily available market quotations,” which is consistent with the definition of a Level 1 input under U.S. GAAP. Rule 2a-5 provides that “a market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.”
Securities for which market quotations are not readily available must be valued at fair value as determined in good faith. Accordingly, any security priced using inputs other than Level 1 inputs will be subject to fair value requirements. The types of inputs available depend on a variety of factors, such as the type of security and the characteristics of the markets in which it trades, if any. Fair valuation determinations that rely on fewer or no observable inputs require greater judgment. Accordingly, fair value determinations for Level 3 securities require the greatest amount of judgment.
The inputs or methodologies selected and applied for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The suitability, appropriateness and accuracy of the techniques, methodologies and sources employed to determine fair valuation are periodically reviewed and subject to change.
| NOTES TO FINANCIAL STATEMENTS (Unaudited) | |
| | |
Note 4 – Market Risks
The value of, or income generated by, the investments held by the Funds are subject to the possibility of rapid and unpredictable fluctuation, and loss that may result from various factors. These factors include, among others, developments affecting individual companies, or from broader influences, including real or perceived changes in prevailing interest rates (which have since risen and may continue to rise), changes in inflation rates or expectations about inflation rates (which are currently elevated relative to normal conditions), adverse investor confidence or sentiment, changing economic, political (including geopolitical), social or financial market conditions, increased instability or general uncertainty, environmental disasters, governmental actions, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), debt crises, actual or threatened wars or other armed conflicts (such as the current Russia-Ukraine conflict and its risk of expansion or collateral economic and other effects) or ratings downgrades, and other similar events, each of which may be temporary or last for extended period. Moreover, changing economic, political, geopolitical, social, financial market or other conditions in one country or geographic region could adversely affect the value, yield and return of the investments held by the Funds in a different country or geographic region, economy, and market because of the increasingly interconnected global economies and financial markets. The duration and extent of the foregoing types of factors or conditions are highly uncertain and difficult to predict and have in the past, and may in the future, cause volatility and distress in economies and financial markets or other adverse circumstances, which may negatively affect the value of the Funds’ investments and performance of the Funds.
| OTHER INFORMATION (Unaudited) | |
Sector Classification
Information in the Schedule of Investments is categorized by sectors using sector-level Classifications defined by the Bloomberg Industry Classification System, a widely recognized industry classification system provider. Each Fund’s registration statement has investment policies relating to concentration in specific sectors/industries. For purposes of these investment policies, the Funds usually classify sectors/industries based on industry-level Classifications used by widely recognized industry classification system providers such as Bloomberg Industry Classification System, Global Industry Classification Standards and Barclays Global Classification Scheme.
